Dec 202011

Use the Ansoff Matrix to help grow your business

Very often when thinking about how to grow and improve a business our minds get confused by the options available to us and, as a result, we either don’t do anything or we end up making a mess of it.  But in very fundamental terms there are only really 4 things we can do and they are:

  • Develop a new product or service;
  • Expand our market area;
  • Diversify our offering, and
  • Increasing penetration into our existing market.

These basic ideas were developed by Igor Ansoff and are a really good guide to helping to  sort out all our ideas.  Ansoff explained them by use of a matrix as shown below. Continue reading »

Dec 142011

Beware of growing pains as your business takes off

It’s a great feeling as business improves and your business starts to grow; you think the struggle for survival is behind you, that everything is fine from here on in and you start to relax.  The next thing you know you’re back to where you started thinking “what happened?”  Running a small business that’s expanding can be complicated but it’s not impossible. Here are a couple of things you need to keep an eye out for: Continue reading »

Dec 132011

How to make your business advertising work

There’s a famous saying in advertising of a business owner saying “50% of my advertising works – I just don’t know which 50% it is”. If you want to avoid this sort of problem for your small business then read on. Continue reading »